FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 9,200 units at $150 5,400 units at $250 12,800 units at $155 10,400 units at $250 14,100 units at $162 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? $

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.